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is impossible to answer. One thing, however, is pretty certain, that very little of it can be collected in time to be used for any immediate purpose."

The residue is stated as follows:
1. Bonds sold for the Wabash
and Erie Canal,

2. Bonds disposed of for inter-
nal improvement purposes,
3. Principal due the State
Bank for advances on the
public works,
4. Hypothecated bonds sold
and unsold,

5. For Bonds sold to the Mor-
ris Canal and Banking
Company, to increase the
capital stock of the State
Bank,

crease of between five and six millions during the past year. The balance in the Treasury, Oct. 31, is $29,774. The revenue received the present year for State purposes will be $459,884. The expenses for the ensuing year are estimated at $92,750.

From subsequent transactions in the Indiana legislature, we infer that at least that portion of the state debt which is mentioned above as suspended, will be 641,500 repudiated; that is, that the State, will disavow it, or decline paying it, principal or interest, as having never received any consideration for the bonds under which it is contracted.

1,069,000

$1,727,000

7,050,000

1,000,000

$11,487,500

The annual interest on this sum, including exchange, commission, &c., is stated at $615,000. The certain means which the State at present possesses will reduce this sum to $559,000.

Upon this statement of the condition of the treasury, the Governor remarks, as follows:

KENTUCKY. From a statement of the revenue for the year 1841, from the vari ous sources of taxation, is $399,356 18. The revenue of the last year was $275,353 46, being a difference in favor of the present year of $124,002 72 cents, which difference results from the additional tax of five cents imposed by the last Legisla ture. The decrease in the estimated value of the taxable property in Kentucky, during the same period has been only $8,401,248. The total value last year was $272,250,027. The total value for 1841 is $263,845,749.

"Such is actually our condition, and candor and justice to ourselves, and to our creditors, require us to acknowledge," that we have neither under our control nor in prospect, for some time to come, the means to discharge the interest on the whole of our public debt. Nevertheless, it becomes us to leave no efforts untried, to recover our former position. Indiana possesses an enterprising and rapidly increasing population. The natural resources of the State, as they shall be developed by the industry of her citizens, will add continually to her wealth, and this very addition will result in a constant relative diminution of the burdens of the public debt. It is our misfortune that we cannot preserve the faith of the State unimpaired. Still we should not despair of recovering from our difficulties while any means remain within our power with which we can work. Although, whatever means available at present, are insufficient to pay all the interest on our internal improvement debt, yet can we not with these, and such other resources as can be reached, properly and prudently applied, place the State in a condition to pay her debts, and finally redeem her sunken credit?"

The taxable property in the State is valued at $95,518,763, which is an in

DECEMBER 22. The landing of the pilgrim fathers" was celebrated at Plymouth with great enthusiasm and spirit. A discourse was pronounced by J. R. Chandler, Esq. of Philadelphia, and a public dinner and ball made up the fes tivities of the occasion.

DECEMBER 28. A large number of gentlemen met at Albany to celebrate the completion of the great western railroad of Massachusetts, which has been so many years in progress. A large deputation went through from Boston on the preceding day. On the 29th, a number of the citizens of Albany proceeded to Bos ton, at the request of the authorities of the city, and a public dinner was given on the 30th in Boston, to complete the festivities which crowned the completion of a work of such signal importance.

ELECTIONS.

GEORGIA. We announced in our last number the result of the fall election in Georgia. The number of votes for each candidate, as officially announced, was for McDonald, (Dem.) 37,847; Dawson, (Whig,) 33,703

NOVEMBER 2. NEW JERSEY. The two branches of the legislature met in con

the attention of Congress to the laws for the suppression of the slave trade.

The review contained in the Message of the state of our relations with other powers, does not present any information of particular interest. It informed Conre-gress of the failure of a treaty with the kingdom of Belgium, arising apparently from the extreme jealousy of the legislative chambers, of any measure which may seem to open the field of competition in any branch of trade to foreigners. In accounting for the non-ratification of a treaty of commerce with the Republic of Ecuador, it is mentioned that the Congress failed to hold a session at the time appointed in January last. The session referred to was actually opened, though it probably came to an unsatisfactory close. Some account is given of the opening of the session, in the last number of the Monthly Chronicle, [p. 466,] and of the Message the President, Juan Jose Flores. In that message the treaties with Spain and Great Britain, and a treaty begun but not completed with France, are spoken of, but there is no mention of any treaty with this country.

The joint commission under the convention with Texas, to ascertain the true boundary between the two countries, has concluded its labors; but the final report of the commissioner of the United States has not been received. It is understood, however, that the meridian line, as traced by the commission, lies somewhat farther east than the position hitherto generally assigned to it, and, consequently, includes in Texas some part of the territory which had been considered as belonging to the States of Louisiana and Arkansas.

The President spoke in encouraging terms of the prospect of a completion of the Florida war.

vention for the election of a Governor The convention had been delayed some days by the refusal of the Senate, in which was a Democratic majority, to join the House. On the 1st inst., however, the Senate agreed to go into convention. Governor Pennington, (Whig,) was elected Governor by a vote of 44 to 30.

EMBER 2. MICHIGAN. The State election was held in this State. The Democratic party prevailed throughout the State by very large majorities, only four Whigs being elected to the legislature. The State was Whig last year.

NOVEMBER 3. NEW YORK. The election for members of the State legislature closed this day. The result was a Senate of 15 Whigs and 17 Democrats, three fourths of the Senate holding over from last year, and a House of Assembly strongly Democratic. Both branches were Whig last year.

MASSACHUSETTS. The annual election of State officers took place. The result was the reelection of Governor John Davis (Whig) over Judge Morton (Dem.), and Boltwood, (Abolition.) The vote, as unofficially ascertained, was for Davis, 56,173; Morton, 51,379; scattering, mostly for Boltwood, 3,665. A Whig Senate and House were also chosen.

CONGRESSIONAL.

The second session of the twenty-seventh Congress began at Washington on the 6th of December. A quorum of both Houses appeared, and on the next day the President sent his annual Message to Congress

The Message began with an allusion to the relations of this country and Great Britain, and made a brief allusion to the McLeod case, in respect to the international law of which it took similar ground to that occupied by Mr. Webster, in his letter to Mr. Fox on that subject, (Mon. Chron. p. 203.) It recommended, however, that express legal provisions should be made for the removal, in future, of such cases to the federal courts. It spoke farther of the avowal by Great Britain of the attack on the Caroline, and its right to make such an attack, and of its claim to the right of search of American vessels, as urged in a recent correspondence between our Minister at London and the British government, rights which the President argued against, declaring that they could not be acknowledged by our government. At the same time he called

The statement of the condition of the Finances is not of a very flattering character. The receipts of the treasury for the three first quarters of the year, with the balance at the commencement, and the estimated receipts of the last quarter, amount to $31,297,512, and the expendi tures are estimated to amount to $32,025,070, leaving a deficiency of revenue of $627,557 to be provided for. Of the twelve millions loan, $5,432,726 only have been negotiated, and the President recommended an extension of the time for which it was to be granted.

The President recommended the revision of the tariff to Congress without any very definite expression of his own

views on the subject, farther than by impressing on the legislature the necessity of the spirit of compromise under which the last tariff law was passed.

He went on to speak of a plan for the management of the finances of Government, and the improvement of the currency and exchanges. Of this plan an abstract will be found below under the report of the Secretary of the Treasury. The message expressed some very just and pertinent opinions, in regard to the debts of the states. It disavows any responsibility on the part of the general government, for those debts, but expresses a strong interest in the maintenance of the credit and good faith, of all

the states.

Some recommendations contained in the reports of the War, Navy, and Post Office Departments, were alluded to in general terms, but the details of those affairs were left to be learned from those documents. The message concluded with a recommendation of some immediate provision for the appropriation of the Smithsonian fund to the objects for which it was given, and in calling the attention of Congress to the special interests of the

District of Columbia.

The annual reports of the several departments were subsequently presented to Congress.

The Secretary of the Navy presented a report, which contains an interesting and judicious view of the state of his depart ment, and the improvements which he would suggest.

The present force of the Navy is 11 ships of the line, of which one is of 120 guns, and the rest of 74 each; 15 frigates of the first class, one of which is rated at 54 guns, and the other 14 at 44, and two of the second class rated at 36 guns; 18 sloops of war, rated at 16 to 20 guns; brigs and schooners of 10 guns each; 4 steamers; 3 store ships; receiving vessels; and 5 small

schooners.

The frigate Brandywine and sloops-ofwar Fairfield and Preble are in the Mediterranean, under command of Commodore Morgan. The squadron in the Pacific, when Commodore Jones arrives there, who is expected to sail in the course of the next fortnight, will embrace the United States, the sloops-of-war St. Louis, Yorktown, Cyane, and Dale, and schooner Shark. The squadron on the Brazil station, on the arrival of the Delaware, 74, which left Hampton Roads on the 1st

of November, will consist of the Dela ware, Potomac, Concord, Marion, Decatur, and Enterprise, under command of Commodore Morris. The West India Squadron, under command of Commodore Wilkinson, consisting of the Macedonian, the Vandalia, and Warren, now in the United States, having left the station for the hurricane season, will be ordered back as soon they can be furnished with crews. The Constellation and Boston, under command of Com. Kearney, are in the East Indies, despatches having been received from them at the Cape of Good Hope to July 31, 1841. The Exploring Squadron, under the command of Lieutenant Wilkes, was at the date of the last official despatches, Nov. 24, 1840, at the Sandwich Islands, undergoing repairs. This squadron, after visiting the northwest coast of America, is expected to return to the United States early in 1842. It is probable that later particulars have been received from Lieutenant Wilkes, since the date of the Secretary's report. A squadron of small schooners, under Lieutenant McLaughlin, is coöperating with the army in Florida. The Consort, Lieutenant Powell, has been employed in the survey of the coast, from Apalachico la to the Mississippi, and is now engaged in the survey of Nantucket South Shoal. The brig Dolphin, Commander Bell, and schooner Grampus, Lieutenant Paine, returned in May and August last, from their second cruise to the coast of Africa. The steam ships Missouri and Mississippi, built at Philadelphia and New York, are nearly ready for service, and will form a part of the home squadron.

Orders have been given for the building of three steamers of medium size, at New York, Philadelphia, and Norfolk. In addition, a steamer of six hundred tons is to be built at Philadelphia, under the superintendence of Capt. R. F. Stockton, with Ericsson's propeller, and another at Norfolk, of 300 tons, by Lieutenant W. W. Hunter, to be propelled by submerged water wheels, invented by himself. Orders have been given for building a first class sloop, and three small vessels of war, and for finishing the frig. ates Cumberland, Savannah, Raritan, and St. Lawrence. Measures have also been taken for the construction of a steamer on Lake Erie.

The Secretary states that great difficulty is encountered in the enlistment of seamen; that the operation of the apprentice system is encouraging; that great

depredations are made on the live oak and red cedar timber, reserved for public use, on the public lands, in violation of the law; and that efforts to obtain American water rotted hemp for the use of the Navy have been unsuccessful.

The Secretary states that reform is necessary in every part of the naval establishment, and he proceeds to specify many of the particulars, in which this reform is needed. He points out the great deficiency, and almost absence of any properly legalized code of laws and rules for the regulation of the service, and the gross irregularity of the mode in which the regulations actually in force were introduced. He says that the evils resulting from the want of a proper naval code are of the most serious character, and will, if not remedied, ultimately ruin the naval service. The next reform which he deems to be necessary, is in the "organization of the Navy Department." It is, he says, "in truth, not organized at all; and he earnestly recommends immediate attention to the subject.

""

He urges at some length the importance of an increase of the Navy, as rapidly as the means at its disposal will admit. He expresses a decided opinion, that a very large part of the increase ought to consist of steam ships, and he gives the grounds of this opinion. He recommends that an experiment be made, in imitation of the exampl of England, which has proved successful, of building an iron steam ship. He thinks it not necessary to increase at present the number of lineof-battle ships, and that some of those which we have would be more useful, if cut down to frigates of the largest class, of which we need a largely increased number. The vessels for which there is the most pressing demand are sloops-ofwar, brigs, and schooners; and he recommends that a suitable number be immediately built. Not less than ten, he says, are now necessary.

He repeats the recommendation of the establishment of higher grades of officers in the service, and urges its importance on a variety of grounds. A large increase of the marine corps, he pronounces to be absolutely necessary. The laws and reg. ulations for the government of the marine corps require to be amended. He recommends strongly the establishment of naval schools, as a measure highly important. He recommends some provision in regard to the professors of mathematics now employed in the service.

He recommends the necessary appropriations for keeping a much greater num ber of ships in actual service, and expresses his approval of the estimates made by the Navy Commissioners. He recommends an appropriation for the purchase of lands, for an increase of the Navy Yard at Brooklyn. He expresses his approval of a prudent economy in all things, but considers true economy best consulted, by adopting freely that expenditure which is necessary for supporting the honor and glory of the country, and placing it in a state to defend itself against all hostile attacks.

The Secretary of the Treasury gave the account of the income and expenditure of the year, which we have mentioned above as contained in the Message. He proposes to make up the deficiency by an issue of Treasury notes.

For the next year (1842) the Receipts into the Treasury, (excluding the proceeds of the sales of public lands,) are estimated at $19,200,000, from which is to be deducted $627,559, the estimated deficiency at the end of the present year. The expenditures for the year, including the amount necessary to redeem seven millions of outstanding Treasury Notes, are estimated at $32,791,010; leaving to be provided for, on account of the expenditure of 1842, the estimated sum of $14,218,570.

To meet this deficiency in the revenue for 1842, the Secretary recommends to Congress to authorize an extension of the term of the portion of the twelve million loan not yet taken, and a reissue of the Treasury Notes heretofore authorized by law, amounting to $5,000,000; the balance of the deficit in the ways and means, together with two millions of dollars, (a surplus deemed necessary to be in the Treasury to meet emergencies in the public service,) to be supplied from imposts upon such foreign articles imported into the United States "as may be selected with due regard to a rigid restriction, in amount, to the actual wants of the Government, and a proper economy in its administration."

The House of Representatives having called for the plan of an Exchequer, alluded to in the Message, the Secretary presented it. The following abstract contains the most important provisions:

The bill proposes that there shall be established in the Treasury Department at the seat Government à Board, to be

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called the Exchequer of the United States, | to be composed of the Secretary of the Treasury, the Treasurer of the United States, and three members to be appointed by the President, with the advice and consent of the Senate. The three members first appointed to be for two, four, and six years, and as the terms respectively expire, their successors for six years. One of the three members to be appointed by the Board President, for two years; inferior officers, judged necessary by the Board, to be appointed by the Secretary of the Treasury, to receive salaries fixed by the Board; and give bonds as the Secretary of the Treasury may direct. The members, or Commissioners, to re-issued by the Board and its agencies, ceive an annual salary of- dollars. whether in the form of bills or certificates of deposit, to be redeemable only at the place where issued, unless the Board shall see cause to order otherwise. It is made the duty of the Board to establish by-laws.

It will be lawful for the Exchequer at the seat of Government, and its several agencies, to receive gold and silver coin or bullion, the property of individuals, on deposit, for convenience and security, and to issue certificates, attesting such deposit, which certificates shall be redeemed on presentation at the agency where delivered. The aggregate of deposits is never to exceed $15,000,000, and this amount to be distributed by the Board among its agencies, according to the extent of their business respectively. No higher premium than one-half of one per cent. to be taken for such deposits, and issuing the certificates therefor. Paper

The Board of Exchequer is to have power to establish agencies or offices in such places as they may judge expedient, not exceeding two in any state or territory, and wherever Congress may require; and on the recommendation of the Board, the Secretary of the Treasury will appoint the necessary officers and agents. The Board to fix the rates of compensation, and to establish regulations for managing their agencies and rendering their accounts. The duties to be so arranged, and accounts so kept, that one officer or agent shall be a check upon the other. The Secretary of the Treasury to have the power of removal for physical inability or incompetency, or neglect or violation of duty, reporting his reasons therefor.

The Secretary of the Treasury is to have prepared Treasury Notes, of denominations not less than five dollars, nor greater than one thousand, to be signed by the Treasurer of the United States, countersigned by the President of the Board of Exchequer, and endorsed by the principal agent, of the agency at which they shall be issued, and redeemable in gold or silver at the agency where issued. Such notes, when issued at the Exchequer in Washington, to be endorsed by one of the Commissioners. All such notes when redeemed may be reissued by the board and its agencies.

The amount of such notes outstanding at any one time, not to exceed $15,000,000, unless otherwise provided by law. The Secretary of the Treasury is authorized from time to time, on application of the board, to furnish for its own use and that of its agency, a suitable amount of such notes, to be issued in the transaction of its business. All dues to the United States may be paid in coin, in these treasury notes, or in the notes of banks immediately convertible into specie at the place where received.

The Exchequer and its offices are to be the general agents of the Government, for receiving, keeping, disbursing, transferring and transmitting the public monies, under the direction of the Secretary of the Treasury, and to them are to be paid all the public monies received from every source. The principal officers employed in the agencies to give bonds, in such amount and in such form as the Secretary of the Treasury shall prescribe. The Board or its agents to pay all warrants, drafts, or orders thereon by the Treasurer of the United States, and by the disbursing officers and agents of the Government, having authority to make the same. All payments to be made, at the option of the person entitled to receive it, in gold or silver coin, or in Treasury notes.

The Exchequer and its officers are to perform, under the direction of the Secretary of the Treasury, the duties of commissioners of loans, disbursing agents, and pension agents.

The Exchequer at Washington and its agencies must settle weekly, or oftener, with all banks whose notes it may have received, and collect or pay all balances. No individual is to be allowed to stand debtor to the Exchequer or any of its agencies in account. The board and each of its agencies to limit its issues so that its gold and silver on hand shall be equal to

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